Wednesday, August 31, 2011

A quick video look at the 2400 block of North Orchard in Lincoln Park. There are several luxury new homes, re-sales and developments going on is a short stretch of the street. The first home shown was sold in 2009 for $2.5 million as a short sale.

The 2400 block of North Orchard in Lincoln Park is distinct in several ways. It's a Chicago landmarked block (part of Arlington-Deming District) featuring gorgeous row homes set back with leafy front yards, stately gray stones, painted ladies and now...new construction.

It is also adjacent to some of Children Memorial Hospital's offices and across Fullerton from the main hospital building (which is moving next year and the site will be redeveloped). The hospital's departure will definitely alter the immediate feel of the neighborhood. DePaul University is also just a block away, along with shops, cafes and bars lining Halsted Street and Lincoln Avenue around the corner. There is a great buzz of busy people, patrons and students.

The 2400 block of North Orchard enjoys Clark Street retail and dining and is a hop, skip and jump to the popular lakefront destinations.

2444 N Orchard to the right sold in 2009 for $2,500,000. There is no listing or cancelled listing for the new construction on the left.

This home at 2436 N Orchard is for sale at $950,000 and will need complete gut rehab.

New and old.

These homes have been shuttered for years. The development was recently advertised at $499,000 for each landmarked structure

Watch the video of 1808 W Diversey $449,000...a single family home where Lincoln Park, Northcenter and West Lakeview meet.

1808 W Diversey, House L, is a single family home in a gated community development. It offers wider more conventional space than comparatively priced town houses in the Northcenter, Lakeview and Lincoln Park locations near here. The master suite has TWO organized walk-in closets and there is a TWO car attached garage. These are rare features I know people would really appreciate.

Tuesday, August 30, 2011

We've been touting great looking "spread sheet" numbers all year for two through four flat multi-unit purchases. It's been a very affordable and flexible way to live in a desired location and hedge your financial investment. The lower interest rates and increasing rents have helped make multi-units a good buy vs condos.

Two-flats and single home conversions line Lincoln Square streets.

31 multi-units (two-four unit buildings) have sold in the Lincoln Square Community area this year, January through August. The median price was about $400,000. All buildings but one had 2-3 units.

2011 unit sales January through August were up 34% over same period 2010 (31 units v 23 units). The 2011 median price is down about 9% ($400,000 v $440,000). Sales numbers analyzed from MREDLLC.com our local MLS.

Theover-sized Chicago lots near CTA trains and the popular Lincoln Square commercial strip have been snatched up by developers. Live-in, owner-operator buyers have been purchasing at the median price or jumped well above the median for a well renovated building with great location. Gut rehab buyers (private owners and developers buying to convert to single family home) have been purchasing well below the median on standard lots.

We do buyer and seller representation on the North Side of Chicago from Gold Coast and Lincoln Park to Lincoln Square.Contact us at 773-687-4646 to explore your options.House, condos, multi-units... see what makes dollars and sense!

Monday, August 29, 2011

You can take in the views and context of several famous Ludwig Mies van der Rohe high rises in one day. Many of our clients- ourselves included -are interested in iconic names and locations for their real estate purchases. Here is a first of three Mies buildings in three distinct locations in Chicago.

330 W Diversey in Lakeview

330 W Diversey in a picturesque Lakeview/ Lincoln Park location

The 330 W Diversey is one of our favorite and affordable high-rise buildings in Chicago offering a range of two and three bedroom condos for sale or rent. Spectacular views can be had from huge floor to ceiling windows. Amenities include doorman, valet parking, on-site tennis courts, pool and fitness room. Park and marina access next door! We often walk this stretch of lakefront starting at Diversey and heading south into Lincoln Park. This location offers a fantastic lifestyle and is easy to downtown.

Sold units in the last 12 months have ranged from $240,000 for a two bedrooms, two baths condo with renovated kitchen to a three bedrooms, three and one-half baths combined unit for $786,500.

Units for sale now range from $247,000 for a two beds, two baths move-in ready to a 22nd floor three beds, three baths unit with family room for $695,000 that could use updating. The views are wonderful. The unit is also for rent at $3,250 per month.

Rents typically range from $1,600 to $2,400 for the two bed, two baths units and include the great amenities and heat!

July was decent for home sales in our core Chicago neighborhoods. Here's a look at Lincoln Square single family home sales over the last 60 days.

28 single family homes closed in Lincoln Square Community Area over the last 60 days (July and August 2011). The median held steady with the first 6 months of the year at $450K. This includes the neighborhoods of Ravenswood, Bowmanville, Budlong Woods, Ravenswood Gardens and the heart of Lincoln Square along the Lincoln Avenue/ Giddings Square pedestrian friendly retail.

The highest sale was $1,090,000 at 4839 N Hoyne in the Ravenswood neighborhood. The lowest was $240,000 at 2548 W Pensacola...a probable tear-down bought by a developer.

View the video below of 2164 W Leland and call for a showing. This is an excellent example of a classic home on a block steps to everything Lincoln Square has to offer.

Friday, August 26, 2011

New to the market. Unique spacious condo with huge 1000 sq/ft basement directly below the unit. You can duplex down to create very large 3 bed, 2 bath unit with family room...great resale upside! Basement now used as true workout room with cable TV and tons of storage. Great for business owners who need storage, sports equipment and for dog owners too!

Bob took a few more photos today of the progress at 25 East Cedar in the epicenter of Gold Coast. Hand removal of brick and slow demolition continues on 25 East Cedar…the facade still stands at the moment. See the before photo above from a few weeks ago and the careful demolition leaving the original facade in tact from today.

We took a these photos of one of Lincoln Park's newest and greatest outdoor patios at Barn & CO.

The space is in the former The Grand Central bar... but Barn & Co. owners knocked down the adjacent building and created a 70 seat patio. You can see the former space with the adjacent building below (photo from Yelp.com).

With a little imagination, they've created an awesome and unique space in a bustling Lincoln Park location. Patios are definitely in demand. And when it comes to your canopy sign, size does matter!

Sold! North Center Land for Sale: Coonley School District $190,000

Real Estate Broker and Author of this Blog

I am a Chicago real estate broker who began writing this blog in 2005. My group represents clients buying, selling and renting properties. I've been awarded Top 5% in sales volume for Chicago Association of Realtors every year from 2006-2015. Thanks for reading and working with us!
All posts and photos are by Eric Rojas and Bob DePalma unless otherwise noted. Contact us at erojas@kalerealty.com for great service!